Plains All American Announces Pricing of Public Offering of $750 Million of Senior Notes

Rhea-AI Summary

Plains All American (Nasdaq: PAA) priced a public offering of $750 million aggregate principal amount of senior notes on Nov 10, 2025, composed of $300 million 4.70% notes due 2031 and $450 million 5.60% notes due 2036.

The 2031 Notes priced at 99.872% of face and the 2036 Notes at 100.518%. These are additional issuances to September 8, 2025 notes. The offering is expected to close on Nov 14, 2025. Net proceeds are estimated at ≈$747.2 million for general partnership purposes, including repayment of indebtedness, intra-group lending, capital expenditures, and working capital.

Positive

• Offering size $750 million aggregate principal
• Net proceeds approximately $747.2 million for partnership purposes
• Fixed coupons 4.70% (2031) and 5.60% (2036) establish known interest costs

Negative

• Additional debt increases total leverage for the partnership
• Interest obligations add recurring cash interest costs through 2031 and 2036

Insights

Credit Markets Analyst

Plains priced a $750 million follow-on senior note offering; terms and use of proceeds are explicit and closing is near.

The deal adds $750 million of senior notes split into $300 million of 4.70% notes due 2031 and $450 million of 5.60% notes due 2036, priced at 99.872% and 100.518% of par respectively. The issuance is an additional tranche to existing 2031 and 2036 notes (prior amounts of $700 million and $550 million were issued on September 8, 2025), and the offering is expected to close on Nov. 14, 2025.

The company states net proceeds of approximately $747.2 million will fund general partnership purposes, including repayment of indebtedness, intra-group lending, capital expenditures, and working capital. Key dependencies and risks are the customary closing conditions and final allocation of proceeds across the listed uses; the timing and size of any debt repayment or intra-group loans will determine near-term leverage effects. Watch the actual closing on Nov. 14, 2025 and subsequent filings or disclosures showing how the $747.2 million was deployed within the following quarter for concrete impact on the balance sheet and financing costs.

HOUSTON, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) today announced that it and PAA Finance Corp., a wholly owned subsidiary of PAA, as co-issuer, have priced an underwritten public offering (the “Offering”) of $750 million aggregate principal amount of debt securities, consisting of $300 million aggregate principal amount of the issuers’ 4.70% Senior Notes due 2031 (the “2031 Notes”) and $450 million aggregate principal amount of 5.60% senior unsecured notes due 2036 (the “2036 Notes”), at a price to the public of 99.872% and 100.518% of their face value, respectively. The notes are being offered as additional issuances of the issuers’ 4.70% Senior Notes due 2031 and 5.60% Senior Notes due 2036, respectively, of which $700 million and $550 million aggregate principal amount, respectively, were issued on September 8, 2025. The Offering is expected to close on November 14, 2025, subject to the satisfaction of customary closing conditions.

PAA intends to use the net proceeds, after the underwriter discounts and our expenses and excluding accrued interest, of approximately $747.2 million from the Offering for general partnership purposes, which may include, among other things, repayment of indebtedness, intra-group lending and related transactions, capital expenditures and additions to working capital.

Citigroup Global Markets Inc., CIBC World Markets Corp., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the Offering.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and may only be made by means of a base prospectus and accompanying prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended, copies of which may be obtained from the underwriters as follows:

Citigroup Global Markets Inc. c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: (800) 831-9146 E-mail: prospectus@citi.com	CIBC World Markets Corp. 300 Madison Avenue, 8th Floor New York, New York 10017
RBC Capital Markets, LLC Brookfield Place 200 Vesey Street, 8th Floor New York, New York 10281 +1 (866) 375-6829	SMBC Nikko Securities America, Inc. 277 Park Avenue New York, New York 10172

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law, including without limitation statements regarding the Offering and the expected timing and terms thereof. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. An extensive list of factors that can affect future results are discussed in PAA's Annual Report on Form 10-K, the registration statement as discussed herein and other documents filed from time to time with the SEC. PAA undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

About Plains
PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil and natural gas liquids (NGL). PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada. On average, PAA handles over 9 million barrels per day of crude oil and NGL.

PAA is headquartered in Houston, Texas.

Investor Relations Contacts:
Blake Fernandez 
Ross Hovde
plainsIR@plains.com 
(866) 809-1291 

FAQ

What did PAA announce on Nov 10, 2025 about a debt offering?

PAA priced a public offering of $750 million of senior notes: $300M 4.70% due 2031 and $450M 5.60% due 2036.

When is the Plains All American (PAA) offering expected to close?

The offering is expected to close on November 14, 2025, subject to customary closing conditions.

How much net proceeds will PAA receive from the $750M offering?

PAA expects to receive approximately $747.2 million in net proceeds after discounts and expenses.

What will PAA use the offering proceeds for?

Proceeds may be used for repayment of indebtedness, intra-group lending, capital expenditures, and additions to working capital.

At what prices did PAA sell the 2031 and 2036 notes in the offering?

The 2031 Notes priced at 99.872% of face value and the 2036 Notes at 100.518% of face value.

Who are the joint book-running managers for PAA's Nov 2025 offering?

Joint book-running managers are Citigroup Global Markets, CIBC World Markets, RBC Capital Markets, and SMBC Nikko Securities America.